Well, Johnston, in an interview with Film Journal about The Wolfman, gave out a wee bit of information about where they are in the process so far:

"We're in prep... Rick Heinrichs is production-designing and we're set up down in Manhattan Beach [California]. It's the part of the process that I love the most," he enthuses. "We have eight or ten really talented artists, and we all just sit around all day and draw pictures and say, 'Hey, wouldn't it be cool if we could do this?' It's that phase of the production where money doesn't matter: 'Let's put all the greatest stuff up on the wall and [then later] see what we can afford.'" The film, he says at this early stage, will begin "in 1942, 1943″ during World War II. "The stuff in the '60s and '70s [comic books] we're sort of avoiding. We're going back to the '40s, and then forward to what they're doing with Captain America now."

OK. So the timeline is right, which is good. And it sounds like they're genuinely having fun with it, which is also good. Captain America is actually a pretty cool hero, and if done right (meaning if he doesn't Ratnerfuck it into oblivion), it could potentially be a pretty compelling project. The whole "man out of his time" bit is well executed in the early Ultimates comics, which, judging by the casting of Samuel Jackson as Nick Fury, appears to be in line with what they're doing. Hopefully, more news will start to trickle out once the hype over Iron Man 2 dies down (which will likely be never).